Metro Government

Louisville Metro Council announced the schedule for two public hearings on a proposed ordinance to significantly increase the tax rate on most insurance premiums in the city, part of a plan advocated by Mayor Greg Fischer...

Mayor Greg Fischer unveiled a plan on Wednesday to dramatically increase the tax rate on certain insurance premiums over the next four years, in an effort to fill a $65 million budget hole over that time...

In a bold move to keep new tax revenue in-house, small cities are considering matching Metro Council’s proposed increase to the insurance premium tax. To fill a large budget hole created by escalating pension costs, Mayor Greg...

Mayor Greg Fischer warned of the potential of “devastating” cuts to city services and staff layoffs without new tax revenue on Thursday, citing an expected $65 million budget gap over the next four years due the...

City leaders have denounced an apparent hate crime directed at a Hindu temple earlier this week, as it was broken into and desecrated with graffiti. At some point between Sunday night and Tuesday morning, officials said,...

State

A bill was introduced Wednesday in the Kentucky General Assembly just before the filing deadline for legislation that would raise the state gas tax by 10 cents per gallon, in addition to imposing new fees and...

After failed attempts last spring and in a 24-hour special session in December, Kentucky lawmakers will try to pass pension reform once more this session. Filed on the final day for new bills, House Bill 504...

Neil Ramsey announced his official resignation from the Kentucky Retirement Systems board of trustees at its meeting on Thursday, two months after he first announced that he would resign over a legal conflict. Following an Insider...

The Louisville Urban League’s next free felony expungement clinic on March 2 is already fully booked, but in the meantime the nonprofit is seeking legal volunteers to help that clinic run as smoothly as possible for...

A bill that would legalize and regulate wagering on sporting events in Kentucky and earmark tax revenue to the state pension system easily passed through a legislative committee Wednesday morning. House Bill 175 would allow Kentuckians to...

By Perry Bacon Gov. Matt Bevin is unpopular — a poll released in January by Morning Consult found that he ranked 45th among America’s 50 governors in terms of favorability (though, the five below him are no longer...

By Amye Bensenhaver In an era when virtually every public official gives lip service to the importance of transparency and accountability, what is it that motivates a legislator to introduce a bill that abridges these twin goals?...

U.S. Unemployment Holds At 3.7 Percent As Economy Adds 155,000 Jobs

By votelouisville on December 7, 2018

Updated at 11:46 a.m. ET Friday

The jobless rate remained at a nearly 50-year low of 3.7 percent in November as employers added 155,000 jobs, fewer than in October and less than expected by private analysts.

Meanwhile, wages grew 3.1 percent over the past 12 months, the same rate as in October, the Bureau of Labor Statistics said. Average earnings climbed to $27.35 an hour.

“That’s not a lottery jackpot, but it also doesn’t set off inflation alarm bells for financial markets or central bankers,” Mark Hamrick, Bankrate.com senior economic analyst, said of the wage growth number.

In October, employers added a revised 237,000 workers — down from the 250,000 originally reported. September’s job growth was revised up slightly to a gain of 119,000.

Private analysts had forecast that the unemployment rate remained at 3.7 percent and that the economy added 190,000 jobs. The jobless rate has been below 4 percent since July.

Employment sectors adding jobs in November included: health care, which grew by more than 40,000; professional and business services, 32,000; manufacturing, 27,000; transportation and warehousing, more than 25,000; and retail, more than 18,000.

Friday’s report shows that the U.S. labor market remains healthy, but the monthly release comes at a precarious time for the economy.

Stock markets have seen wild swings this week over U.S.-China trade tensions, and there are some signs in the bond market that may be signaling a recession. The Dow Jones Industrial Average was down more than 300 points, or about 1 percent, late Friday morning. On Thursday, the blue chip index slid more than 750 points before recovering to close down 79 points. On Tuesday, the Dow plunged 799 points.

The report is the last look at key labor market data that Federal Reserve policymakers will have before they meet Dec. 18-19. At that meeting, the Fed is widely expected to raise interest rates by a quarter percentage point. It would be the fourth such increase in 2018 and the ninth hike in the past three years.

Curt Long, chief economist for the National Association of Federally-Insured Credit Unions, called the jobs report “sturdy but uninspiring.”

With job growth lagging the 2018 average by 50,000 jobs and unemployment and wage growth holding steady, the data is likely to keep the Fed on track to raise rates this month, he said. But it will also mean fewer rate increases are likely in 2019, Long said.

This week, the Fed found a mixed picture in its latest survey of economic conditions around the country.

It said most Fed districts reported that companies “remained positive; however, optimism has waned in some as contacts cited increased uncertainty from impacts of tariffs, rising interest rates, and labor market constraints.” Many employers are continuing to struggle to find qualified workers, the Fed said.

The housing market has also been softening, another development that could weaken the overall economy.

Sales of new single-family homes fell 8.9 percent in October to a seasonally adjusted annual rate of 544,000 — the lowest level in more than 2 1/2 years. In November, only 5,000 construction jobs were added — down from the 24,000 added a month earlier.

Announcements in recent weeks offer a mixed outlook for the job market heading into 2019.

Amazon said it will start hiring for its new headquarters in Northern Virginia and New York City, creating a combined 50,000 jobs in coming years. But General Motors plans to lay off thousands of workers at several plants in the U.S. and Canada as it shifts toward electric and autonomous vehicles.